Featured Product

    ECB Revises Assessment Methodology for Payment Systems in EU

    June 15, 2018

    ECB published the revised assessment methodology for payment systems. The revised methodology covers the requirements introduced by the revised systemically important payment systems (SIPS) Regulation, which entered into force in December 2017 and additionally references the Eurosystem’s Cyber Resilience Oversight Expectations (CROE), which are based on the CPMI-IOSCO guidance on cyber resilience for financial market infrastructures (June 2016). The CROE contain expectations for SIPS and non-SIPS that have differing maturity levels applicable to different types of systems.

    The first part of the document contains questions for the assessment of payment systems (all categories) and the second part contains questions for the assessment of links between retail payment systems (RPSs). Overseers will use the questions in the left-hand column (which reflect the text and the requirements of the SIPS Regulation) if the payment system being assessed is classified as a SIPS and the relevant questions (based on CPMI-IOSCO methodology) from the right-hand column when assessing a payment system that is not a SIPS. The sequence of the assessment questions in the document follows the order of the articles of the SIPS Regulation. Competent authorities, which are the Eurosystem central banks with primary oversight responsibilities for one or more payment systems, are expected to regularly assess compliance of these systems with the requirements of the SIPS Regulation and/or the Principles for financial market infrastructures (PFMIs), whichever is applicable.

    The assessment methodology of Eurosystem for payment systems serves to promote full observance of the requirements laid down in the SIPS Regulation or PFMIs by helping assessors to identify non-compliance and/or issues of concern that should be addressed. The answers to the questions will serve as the key input for actual oversight assessment; the assessment should always use the requirements, either in the SIPS Regulation or the PFMIs, as a reference. The Eurosystem assessment methodology takes the CPMI-IOSCO assessment methodology as a basis  and complements it with questions from the previously used “Terms of Reference for the oversight assessment of euro systemically and prominently important payment systems against the Core Principles,” thereby establishing one single framework for SIPS and non-SIPS. The methodology also covers the “Oversight expectations for links between retail payment systems” (November 2012).

     

    Related Link: Revised Methodology (PDF)

    Keywords: Europe, EU, PMI, PFMI, SIPS Regulation, Assessment Methodology, Payment Systems, Fintech, CPMI-IOSCO, ECB

    Related Articles
    News

    ECB Finalizes Methodology to Assess CCR and A-CVA Risk of Banks

    ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.

    September 18, 2020 WebPage Regulatory News
    News

    EBA Provides Opinion on Definition of Credit Institution in CRR

    EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).

    September 18, 2020 WebPage Regulatory News
    News

    APRA Consults on Alignment of Daily Liquidity Report for Banks

    APRA is consulting on updates to ARS 210.0, the reporting standard that sets out requirements for provision of information on liquidity and funding of an authorized deposit-taking institution.

    September 17, 2020 WebPage Regulatory News
    News

    FED Releases Scenarios for Second Round of Stress Tests on Banks

    FED released hypothetical scenarios for a second round of stress tests for banks.

    September 17, 2020 WebPage Regulatory News
    News

    PRA Announces Update on Supervisory Benchmarking Portfolio Exercise

    PRA published updates in relation to the 2021 Supervisory Benchmarking Portfolio exercise.

    September 14, 2020 WebPage Regulatory News
    News

    FED Revises and Extends Capital Assessment and Stress Testing Reports

    FED adopted a proposal to extend for three years, with revision, the capital assessments and stress testing reports (FR Y-14A/Q/M; OMB No. 7100-0341).

    September 14, 2020 WebPage Regulatory News
    News

    HKMA Updates Policy Module for Non-Centrally Cleared OTC Derivatives

    HKMA revised the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.

    September 11, 2020 WebPage Regulatory News
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5803